China Gives Cheap Loans for Studying Xi's Thought
Photographer: Johannes Eisele/AFP via Getty Images
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A new method for small business owners to gain the favor of bank managers and obtain credit is emerging amid China’s push to support the real economy: Studying Xi Jinping thought and promoting the Communist Party.
Zhejiang Taida Miniature Electrical Machinery Co., a producer of ventilating fans, this year received a so-called “red impetus loan” of 3 million yuan ($447,000), said chairman Qiu Rongquan at the company’s booth at the bi-annual Canton Fair, billed as the world’s largest trade forum. The loans are granted to companies that have solid businesses after doing good work promoting the Communist Party, he explained.